Financial Accounting states the _______ position of a concern.

Financial

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Economic

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Non-financial

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None of the above

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Solution

The correct option is C Financial
Financial accounts state the financial position of the firm. To know the financial position of the company, the financial statement like profit & loss statement and balance sheet are prepared. profit & loss account show the profit or loss of the business for a particular period whereas the balance sheet shows the state of affairs as on date, this includes the position of assets and liabilities.

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